Enegex Limited (ENX) AI Stock Analysis

• Market Cap: AU$74.29M
• Dividend Yield: N/A
• Average Volume (3M): 1.25M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.17
• Revenue Growth: N/A
• EPS Growth: -45.08%
• Country: AU
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): >-0.01
• Shares Outstanding: 256,184,780
• 10 Day Avg. Volume: 685,090
• 30 Day Avg. Volume: 1,251,233
• PEG Ratio: -0.29
• Price to Book (P/B): 3.12
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -8.50
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 50 Neutral
• Price Target: AU$0.29 ▲(11.54% Upside)

Overall score is held back primarily by weak financial performance (persistent losses, minimal/irregular revenue, and ongoing negative free cash flow), partially offset by a low-leverage balance sheet. Technicals are relatively supportive with price above key moving averages and moderate positive momentum, while valuation remains constrained by a negative P/E and lack of dividend data.

Positive Factors

Low leverage / zero debt

A zero-debt capital structure materially reduces default and interest-rate risk, preserving liquidity while the company burns cash. This durable balance-sheet characteristic gives management flexibility to raise growth capital or endure protracted losses without fixed-charge pressure.

Improving free cash outflow

An improvement in free cash outflow indicates the business is moving toward better cash conversion and cost control. If sustained, this trend can lengthen runway and reduce future financing needs, supporting a durable shift toward self-funded operations over months.

Narrowing operating losses

A narrower EBIT loss signals progress on underlying operating efficiency or early revenue traction. Sustained narrowing can point to structural improvements in cost base or unit economics, increasing the probability of reaching operating breakeven in the medium term.

Negative Factors

Persistent negative cash flow

Consistent negative operating and free cash flow implies ongoing cash burn that erodes reserves and forces repeat external financing. Over months this undermines strategic optionality, pressures margins via financing costs or dilution, and limits investment in growth initiatives.

Minimal, irregular revenue

Very low and inconsistent revenue prevents reliable forecasting and scale economics. Without sustained top-line growth, margins remain meaningless and the company faces structural uncertainty about market demand and its ability to develop a stable, profitable business model.

Declining equity and negative returns

A meaningful decline in shareholders' equity reflects cumulative losses that reduce the firm's capital cushion. Negative returns on equity indicate the asset base is not producing profit, which weakens credibility with investors and limits capacity to fund growth without dilution.

Enegex Limited Business Overview & Revenue Model

Company Description

Enegex Limited explores for, evaluates, and invests in natural resource properties in Australia. The company explores for nickel, copper, and PGE deposits. It holds 100% interests in the West Yilgarn project that comprises 20 granted exploration licenses totaling 3,784 square kilometers in the West Yilgarn province; and the Hart Dolerite project, which comprises one granted exploration tenement that covers 374 square kilometers located in the East Kimberley province, Western Australia. Enegex Limited was incorporated in 2012 and is headquartered in South Yarra, Australia.

How the Company Makes Money

Enegex Limited makes money primarily through the sale and installation of renewable energy systems, such as solar panels and wind turbines. Revenue streams include direct sales to customers, long-term maintenance contracts, and energy management services. Additionally, the company may receive government subsidies or incentives for promoting sustainable energy solutions. Partnerships with construction and real estate companies can also contribute to its earnings by integrating Enegex's systems into new developments.

Enegex Limited Financial Statement Overview

Summary

Financial quality is weak due to persistent losses, minimal/irregular revenue, and negative EBITDA/EBIT across years. Ongoing negative operating and free cash flow indicates continued cash burn. The main support is zero reported debt, which reduces near-term solvency risk, but declining equity and negative returns keep the score low.

Income Statement

Operating performance remains weak: the company has reported losses every year, with EBIT and EBITDA consistently negative. Revenue has been minimal/irregular (mostly zero, with a small level recorded in 2023), limiting visibility into underlying demand and making margins less meaningful. While the EBIT loss narrowed in 2025 versus 2024, net income worsened in 2025, highlighting ongoing cost pressure and lack of scale.

Balance Sheet

The balance sheet is helped by very low leverage: total debt is reported at zero from 2021–2025 (after debt in 2020), reducing financial risk. However, equity has declined meaningfully from 2023 to 2025, reflecting cumulative losses and weakening net worth. Returns on equity are negative in recent years, indicating the capital base is not currently generating profits.

Cash Flow

Cash generation is a key concern: operating cash flow and free cash flow are negative across all reported years, implying continued cash burn to fund operations. Free cash outflow improved in 2025 versus 2024, but it remains meaningfully negative. Cash flow-to-earnings relationships are not supportive because both profits and operating cash flow are negative, reinforcing that the business has not yet reached self-funding operations.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	50.53K	0.00	0.00
Gross Profit	0.00	0.00	0.00	50.53K	0.00	-14.10K
EBITDA	-331.08K	-331.08K	-583.00K	-571.00K	-640.10K	-472.87K
Net Income	-1.32M	-1.31M	-895.00K	-1.53M	-640.00K	-475.45K
Balance Sheet
Total Assets	1.71M	1.71M	2.94M	3.63M	2.22M	1.30M
Cash, Cash Equivalents and Short-Term Investments	1.25M	1.25M	1.80M	2.58M	706.49K	961.70K
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	147.79K	147.79K	246.72K	101.49K	181.82K	143.85K
Stockholders Equity	1.56M	1.56M	2.69M	3.53M	2.04M	1.16M
Cash Flow
Free Cash Flow	-574.00	-574.61K	-818.17K	-1.20M	-1.71M	-521.42K
Operating Cash Flow	-286.00	-286.88K	-362.49K	-562.66K	-613.64K	-324.42K
Investing Cash Flow	-148.28K	-260.59K	-413.12K	-551.82K	-1.09M	-197.00K
Financing Cash Flow	-2.09K	-2.09K	0.00	2.99M	1.45M	1.43M

Enegex Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.26
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:ENX, the sentiment is Positive. The current price of 0.26 is below the 20-day moving average (MA) of 0.28, above the 50-day MA of 0.24, and above the 200-day MA of 0.14, indicating a bullish trend. The MACD of 0.02 indicates Negative momentum. The RSI at 53.04 is Neutral, neither overbought nor oversold. The STOCH value of 47.90 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:ENX.

Enegex Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
ENX	50 Neutral	AU$74.29M	-16.38	-61.77%	―	―	-45.08%
BM8	48 Neutral	AU$36.54M	-6.07	-21.63%	―	―	31.14%
EEL	46 Neutral	AU$7.92M	―	-76.38%	―	―	―
EM2	45 Neutral	AU$14.03M	-0.35	―	―	―	-80.38%
MTL	44 Neutral	AU$7.23M	―	―	―	―	50.00%
ALB	43 Neutral	AU$9.24M	-2.34	-90.56%	―	―	-178.00%

Enegex Limited Corporate Events

Enegex Accelerates Côte d’Ivoire Gold Push After Famien Deal and Strong Auger Results

During the December 2025 quarter, Enegex advanced its strategic pivot toward West African gold exploration following the shareholder-approved acquisition of Famien Resources’ 3,700km² portfolio in Côte d’Ivoire and an accompanying A$5 million placement to fund exploration and growth. Detailed soil sampling on the Gogo permit defined extensive, coherent, high-grade gold-in-soil anomalies along the 5km Bonoubana Trend, while trenching and power auger drilling were completed with results pending; parallel power auger drilling on the Tougbe permit delivered strong near-surface gold intercepts that delineate a substantial aircore drilling target. The company also secured four additional exploration permits in Côte d’Ivoire (Tougbe East, Gogo West, Toumodi and Dimbokro), progressed soil geochemistry and planning for aircore drilling on its West Yilgarn assets in Western Australia, and strengthened its board with the appointment of Managing Director Paul Roberts and Non-Executive Director Eric Kondo, collectively positioning Enegex for an accelerated exploration program and enhanced exposure to West African gold discovery upside.

The most recent analyst rating on (AU:ENX) stock is a Hold with a A$0.36 price target. To see the full list of analyst forecasts on Enegex Limited stock, see the AU:ENX Stock Forecast page.

Enegex Updates Registered and Principal Office Address

Enegex Limited has announced a change to its registered and principal administrative office, which is now located at Suite 29, 375 Hay Street, Subiaco, Western Australia. The relocation, effective immediately, represents a formal update of the company’s official contact and administrative base, ensuring compliance with ASX requirements but does not signal any disclosed change to its operations or strategy for stakeholders at this time.

Enegex Limited Advances Gold Exploration in Côte D’Ivoire

Enegex Limited has commenced power auger drilling and trenching on its Tougbe and Gogo exploration permits in Côte D’Ivoire, aiming to further define gold discoveries in preparation for aircore drilling scheduled for early 2026. The company has also received approval for four permit applications, marking significant progress in its exploration efforts. These activities are expected to enhance Enegex’s positioning within the gold exploration sector and potentially increase its resource base, thereby impacting stakeholders positively.

Enegex Limited Appoints New Director with Significant Holdings

Enegex Limited has announced the appointment of Kouassi Eric Kondo as a director, effective November 17, 2025. Kondo holds significant interests in the company, including 4,526,643 ordinary shares directly and additional shares and options through EK2 Holding Limited, where he is a director and controlling shareholder. This appointment and the substantial holdings indicate a strengthened leadership and potential strategic influence on Enegex’s future direction.

Enegex Limited Announces Director Resignation and Shareholding Details

Enegex Limited has announced the resignation of Robina Ann Sharpe from her position as a director, effective November 18, 2025. The notice details Sharpe’s interests in the company’s securities, including 12,167 fully paid ordinary shares as a registered holder and 153,500 shares through Sharpe Bros Super Fund Pty Ltd, reflecting the share consolidation completed on November 12, 2025. This change in directorship may impact the company’s governance and strategic direction.

Enegex Director Increases Stake with New Share and Option Acquisitions

Enegex Limited has announced a change in the interests of its director, Roger Christian Steinepreis, involving the acquisition of 2,400,000 fully paid ordinary shares and 1,250,000 unlisted incentive options. This change, effective as of November 12, 2025, reflects an increase in the director’s indirect holdings through entities such as Workpower Pty Ltd and family trusts, potentially impacting the company’s governance and signaling confidence in its future prospects.

Enegex Limited Announces Strategic Board and Management Changes

Enegex Limited has announced significant changes to its board and management following the acquisition of Famien Resources Pty Ltd. Paul Roberts, a seasoned geologist with a history of successful gold discoveries, has been appointed as Managing Director, while Eric Kondo, an experienced Ivoirian lawyer, joins as a non-executive director. These appointments, along with Tony Tomba as Company Secretary and CFO, are expected to enhance Enegex’s strategic direction and exploration efforts, particularly in West Africa, potentially impacting the company’s growth and positioning in the mining sector.

Enegex Limited Announces Change in Substantial Shareholder

Enegex Limited has announced that Asiago Pty Ltd has ceased to be a substantial holder in the company as of November 12, 2025. This change involves a direct subscription transaction amounting to $120,000, affecting 2,400,000 voting securities. The announcement marks a significant shift in the company’s shareholder structure, potentially impacting its governance and strategic decision-making processes.

Enegex Expands Portfolio with New Share Issue and Acquisition

Enegex Limited has issued 180,000,000 new fully paid ordinary shares as part of its acquisition of Famien Resources Pty Ltd and the associated capital raise. This move is expected to enhance Enegex’s resource asset portfolio and strengthen its market position, reflecting the company’s ongoing commitment to growth and expansion in the energy sector.

Enegex Completes Famien Acquisition and $5M Placement

Enegex Limited has completed the acquisition of Famien Resources Pty Ltd, securing a 3,700 km² portfolio of gold-prospective exploration permits in Côte D’Ivoire. Additionally, the company has finalized a $5 million share placement, enhancing its capital structure and potentially strengthening its position in the exploration sector.

Enegex Limited Announces Quotation of 180 Million New Securities

Enegex Limited has announced the issuance of 180,000,000 ordinary fully paid securities, which are set to be quoted on the Australian Securities Exchange (ASX) under the code ENX. This move is part of a previously announced transaction, and it is expected to enhance the company’s market presence and provide additional capital for its operations, potentially impacting stakeholders positively by increasing liquidity and investment opportunities.

Enegex Limited’s AGM: All Resolutions Passed

Enegex Limited announced the successful outcome of its 2025 Annual General Meeting, where all proposed resolutions were passed. Key resolutions included the adoption of the remuneration report, re-election of a director, and approvals related to share issuance and capital consolidation, which are expected to enhance the company’s operational and strategic capabilities.